As part of a larger leadership change in the company, Faiz Ahmad and Mike Joo were promoted by Bank of America to co-head global investment banking, according to reports.

Joo, the investment bank's former head of North America global corporate and investment banking (GCIB), and Ahmad, the former co-head of global capital markets, will now get combined reports from all of the investment bank's worldwide group heads.

Matthew Koder, president of the division, the departing heads of investment banking, Alex Bettamio and Thomas Sheehan, take on the role of chairs of GCIB and are entrusted with strengthening client connections throughout the world.

According to Dealogic data released in mid-August, Bank of America's revenue from worldwide investment banking was the third-highest in 2025. Its market share was six percent, down from 6.1 percent the previous year.

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According to the data, the bank dropped from fourth to fifth place in the M&A rankings. Its market share increased in loans and debt capital markets but marginally decreased in equity capital markets.

In the second quarter, BofA's investment banking fees fell nine percent to $1.4 billion, trailing competitors.

 

To enhance business integration across 97 local markets, Joo is expected to continue giving priority to BofA's foothold in the middle market in the United States.

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For American investment banks, middle market mergers and acquisitions, which range in value from $500 million to $2 billion, have become a growing business.

Karim Assef, chair of global investment banking, will play a more active role in global investment banking, the bank announced.

Brendan Hanley was chosen to lead global corporate banking and leasing, and Lisa Clyde and Sarang Gadkari were named co-heads of global capital markets.

Earlier this year, the bank made many significant hires, such as Mandar Donde, a veteran of Bank of America, to head its investment banking operations in the country, and Vikram Sahu as the national head for India.

Satish Arcot, a banker from JPMorgan Chase, was named managing director of Bank of America's (BofA) capital markets unit in India. He was based in Mumbai.

According to reports, the bank is making this move as part of its efforts to reassemble its domestic investment banking team.

It is anticipated that Arcot, who has more than 20 years of financial services experience, will join Bank of America by the end of the year.